LauncherOne is a two-stage air-launched rocket, to be developed by Virgin
Galactic, capable of delivering small satellites into low
Earth orbit at a cost well below that of existing launch systems. The
vehicle will be carried on the first step of its journey into space by Virgin
Galactic's WhiteKnightTwo mother ship, which is also the carrier for the
company's passenger-carrying SpaceShipTwo.

LauncherOne is scheduled to make its maiden flight in 2016. It will be able
to deliver satellites weighing up to 225 kilograms (500 pounds) into orbit
for a cost to the customer of under $10 million – easily under-cutting
any current service, such as that of Orbital's air-launched Pegasus system.